Oztrade

POTENTIAL BULLISH BEARISH PATTERNS - BAT to CYPHER to GARTLEY

FX:EURGBP   Euro Fx/British Pound
24 0 0
Hi All, here we see price action has almost hot the 88.6% Fib for the Bat Entry - some may say it has already completed. Maybe there were few resting orders above 88.6% to get filled with thousands of orders at this level it would cause a small increase. We may also see another large bounce at the 88.6% Green Line where there should be a lot of orders being at this level. If Price action continues to the second green line we should see the complete reversal pushing towards the Cypher - If this Bat Completes I will also be looking at the Cypher Entry being at a level of resistance and hopefully completing for an AB=CD Move back up to violate the Highs and continue to the 127.2 FIB EXT and if Price gets to this level we also have a Gartley Completion at this level. Sorry for the clutter on the chart and this is a very bold prediction we seen this setup the other day in GBPNZD             where the lows were tested once and the highs tested 3 or more times - Price wants to get to the high and break it I guess we will watch and see if we can take these opportunities. Obviously we wont see an exact copy of the lines we have drawn in we may see some double bottom action with retest of lows then a continuation up - If price breaks the lows then we simply analyze where is price most likely to go from there and we continue our process to look at structure levels. Follow your plan and your rules for engagement and always use your own analysis.
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